Luxury home community planned in Montgomery County

National luxury home builder Toll Brothers is developing its first master-planned community in the Houston area.

The Horsham, Pa.-based builder said today it has purchased 692 acres in Montgomery County, the largest local acquisition for the company since it entering this market in 2009.

The property, east of Interstate 45 off the future Grand Parkway, is known as the “Vaughan tract.” It ultimately will contain 1,350 luxury homes. Development is expected to begin in 2014.

“This strategic acquisition demonstrates our strong belief in the long term housing demand in North Houston,” said Karl Mistry, Houston division president, said in a statement. “It also reflects our continued interest in securing local sites suitable for luxury homes to propel our future growth in Houston.”

The company also builds in other parts of this area, including The Woodlands, Friendswood, Kingwood and Sienna Plantation.